Deductible, Aggregate Annual
Definition of "Deductible, aggregate annual"
Same as term Aggregate Annual Deductible: deductible that applies for the year. For example, a business pays for the first $40,000 of losses incurred during the year and the insurance company pays for all losses above that amount up to the limit of recovery stated in the policy.
Popular Insurance Terms
States that allow the placement of surplus lines only with insurance companies that the states have approved. ...
Costs associated with the general administration of the insurance organization to include such items as utilities, rent, salaries, postage, furniture, and housekeeping charges. ...
Trust established under the auspices of the Internal Revenue Code that permits the maintenance of a separate account within the employer's defined benefit pension plan from which to pay the ...
Coverage on an all risks basis for physical damage loss. Coverage applies to property damage to the insured boat or damage caused by the insured boat to a third party boat. Excluded perils ...
Additional amount of surplus generated by an additional amount of capital to be included in the surplus above that required by the statutory requirements. This additional surplus is ...
Health insurance contract that is renewable at the option of the insurer. On the anniversary date of the contract, the insurer has the right to decide whether or not to renew. ...
Method of classifying risks to establish equitable rates. In many property and liability insurance lines, the location of an insured has a significant impact on the loss experience. For ...
Coverage following the same structure as group term, the significant difference being that premiums go toward the purchase of permanent insurance instead of term insurance. The employee has ...
Binding contract for insurance completed by telegraph. The law has recognized the date an insurance agreement is made as the date that coverage commences, rather than the date stated on the ...
Have a question or comment?
We're here to help.